Q1 2020 Combined MSAs

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

San Diego-Carlsbad-San Marcos, CA MSA Sample Size SSDS Sample Size 155 Sample as Percent of Total Facilities 57%

Market Conditions

Rentable SF Per Person

Conclusion

5.69 5.89

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.4

7.8

-1.4

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Up

Up

Asking Rental Rate

0.0%

0.6%

0.2%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -0.4%

1.0%

1.0%

Up

Up

1.6%

0.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $67.00 $95.00 $156.00 $259.00 $370.00

Max

Average $69.04 $101.12 $155.96 $266.25 $391.24

$59.00 $89.00 $135.00 $225.00 $330.00

$79.00 $115.00 $179.00 $300.00 $441.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$1.3091 $1.3227

$1.3302 $1.3480

1.6% 1.9%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 92.0% 85.0%

1Q20 93.0% 85.8%

Change

$0.50 $0.70 $0.90 $1.10 $1.30 $1.50 $1.70

1.1% 1.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

59.8% 51.8%

67.1% 60.7%

12.3% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 12.07

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.03 0.30 0.27 0.45 1.02 0.72 0.24 0.21 0.05

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.29

4.31

35.5%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.